1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?
Indeed, I agree that a code should be in place to accomplish more than set up minimum satisfactory measures. The minimum adequate models permit accountants and administration the utilization of escape clauses and specialized exemptions, subsequently they have financial explanations that are in compliance with GAAP, yet don't give a reasonable portrayal of the organization in an ethical way. The significant reasons a code of ethics ought to accomplish more than set up the minimum standards, is recognize any conceivable dangers to resistance. You can make that a stride further and ought to have the capacity to decide
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Describe the five cardinal virtues of professional accountants that the article’s authors discuss.
The five cardinal virtues of professional accountants are: integrity, objectivity, diligence, loyalty, and, professional behavior. Integrity - honest and courage is the two elements that connects with integrity. Honesty means that all communication with clients and stakeholders must be trustworthy. Courage means that the accountant must be able to stand behind what they write or say in their reporting of the accounting system based on the ethical principles. Integrity requires skills and wisdom in projecting the proper balance of transparency or inadequate disclosure. Objectivity: The objectivity is the point at which the accountant follows his work with the standards in a technical and ethical way. In the ethical angle the accountant needs to guarantee that the work was done under the ethical standards, at any rate to the best knowledge and conviction of the accountant. The objectives behind the AICPA, GAAP, and the IFRS is that the accountants have no conflicts of interest, don’t show any bias and be influenced by the clients in any way while implementing the rules and standards. The objectivity requires that the accountant is in compliance with all financial
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They must be able to address these issues as well as gather all information that is connected to problems. Loyalty: loyalty means being able to instill faith from the clients or employer by building good communication, confident by always being truthful. The accountant must also uphold their oath to society of business ethics.
Professional behavior: I think that professional behavior is the above four all wrapped in one because in order to present professional behavior you must exemplify all the rest such as trustworthiness, honesty, loyalty, be objectivity and diligence to implement good ethical behavior. The accountant must also be able to implement the AICPA and GAAP accounting rules and regulation to the fullness. Professional behavior also means that the accountant must never engage in nothing that will discredit his or her reputation.
3. We’ve talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical
Ethics plays a vital role in developing accurate and high quality financial statements for management, financial institutions, and investors. As management utilizes financial statements to make decisions regarding the operations of the business, it is necessary to review accurate financial statements to make strategic decisions about the future of the organization. Investors and financial institutions require accurate financial statements to make informed decisions upon whether to invest funds into the organization or the wisdom of lending funds to said organization.
The messaging in both the Canadian Health Information Management Association (CHIMA) and Canada’s Health Informatics Association (COACH) Code of Ethics are very similar. They both discuss prioritizing privacy and security, set an expectation of maintaining a professional and collegial work ethic, encourage the continuing of education and building of one's knowledge base and both refer to a focus on the awareness of future developments/advancements within the industry. My initial preference was the CHIMA Code of Ethics as I preferred the phrasing and third person approach, however, upon further review I noticed that CHIMA’s used the word ‘strive’ instead of COACH’s approach of ‘I will’. This to me seems to have less impact then the COACH counterpart.
Objectivity and independence is most related to the section 5062.2 of CA Accountancy Act because both focus on maintaining objectivity and be free of conflicts of interest in making professional decision. In addition, section 5062.2 shows that a CPA should not accept employment with the Corporation that they audited within last 12 months.
Code of ethics is to be utilized by AIHMA members, agencies, consumers, and others who choose to embrace it as a frame of reference. (AHIMA, 2014)
First, the Code of Professional Conduct encourages accountants to behave ethically. Encouraging accountants to behavior ethically is a strength because it helps create customer loyalty, positive work environments, and dedicated employees, which helps avoids legal issues. Accounting professionals have to behave ethically just because of the profession they are in. Accountants need to behave ethically because the investors, creditors, and rest of the public rely on an accountant’s professional judgment to make
For a company to be successful ethically, it must go beyond the notion of simple legal compliance and adopt a values-based organizational culture. A corporate code of ethics can be a very valuable and integral part of a company’s culture but I believe that it is not strong enough to stand alone. Thought and care must go into constructing the code of ethics and the implementation of it. Companies need to infuse ethics and integrity throughout their corporate culture as well as into their definition of success. To be successfully ethical, companies must go beyond the notion of simple legal compliance and adopt a values-based organizational culture.
Clients want accountants with integrity. Thus, integrity is critical to the public trust. As a matter of fact, one of the general definitions of integrity provided by the AICPA Code is that it is a quality from which the public trust derives. Also, it is an element of character fundamental to professional recognition, and it requires members to be (among other things) honest and candid within the constraints of confidentiality (Duska, Duska & Ragatz, 2011).
The code of ethics are ethical obligations and duties for every person whom may decide to become a nurse. To practice competently and with integrity, nurses of today must have key elements in place which will guide the profession. Key elements would include licensure, certification, and education and a relevant code of ethics (ANA, 2015). This paper will discuss the Code of Ethics Provisions five through nine.
I strive to embody integrity in everything that I strive to do. This means that each and every one of my actions must encompass and demonstrate the values I possess, no matter what the context of the situation. Additionally adhere to high moral principles and professional standards put forth by the American Institute of Certified Public Accountants. Secondly, I believe that it is important to be honest and respectful. I desire to express truth in every written and spoken word. Presenting information in a fair and impartial way when it comes to performing accounting duties is necessary in a profession that serves the public interest. I believe that being respectful means showing consideration and thoughtfulness in my relationships with my fellow those that I come into contact with. This goes hand in hand in treating everyone from fami...
Bernardi, Richard A., and LaCross, Catherine C. "Corporate Transparency: Code of Ethics Disclosure." The CPA Journal (2005). Retrieved on 16 September 2006 .
Accounting ethics has been difficult to control as accountants and auditors must keep in mind the interest of the public while that they remain employed by the company they are auditing. The accountants should take into account how to best apply accounting standards when company faces issues related financial loss. The role of accountant is crucial to society. They serve as financial reporters to owe their primary constraint to public interest. The information provided is critical in aiding managers, investors and others in making crucial economic decisions. An accountant is responsible for any fraudulent financial reporting. Some examples of fraudulent reporting are:
It is highly essential for accountants and business professionals to maintain a standard of ethical conduct in the workplace as the nature of their work places them in position of trust. (Senarante, 2011). Accountants have the responsibility to ensure that their duties are performed in accordance with the five fundamental principles set out in the Code of Professional Ethics such as integrity, objectivity, professional competence and due care, confidentially and professional behaviour (Cunningham et al. 2014). Accountants are expected to be reliable and trustworthy. Thus they are required to act ethically in relation to their clients, employers and the general public in order to provide quality services in the best interest of the society (Eginiwin & Dike, 2014). The International Federation of Accountants (IFAC) have established a code of ethics for accountants, allowing each specific country to add their own national ethical standards to the code to reflect cultural differences. The code provides emphasis on the five fundamental principles as well as resolution of ethical conflicts. In Australia, professional accounting bodies such as CPA Australia, Institute of Chartered Accountants in Australia (ICCA) and the Institute of Public Accountants (IPA) adopt the Australian Professional and Ethical
The Code of Ethics for professional accountants includes set of the rules and guidelines Mostly code of ethics can contain set of ideal professional conduct and acceptable behaviour as well as define unacceptable behaviour []. Main advantage of he code is that accountants can emphasis on the positive attitude and activities that may encourage an effective...
As a law enforcement officer, my fundamental duty is to serve mankind; to safeguard lives and property; to protect the innocent against deception, the weak against oppression or intimidation, and the peaceful against violence or disorder; and to respect the constitutional rights of all men to liberty, equality and justice.
Sometimes it is not easy to change the way people judge and think , but education can help. Thirdly , it may be useful to build appropriate mechanisms which allow employees to discuss ethical dilemmas and report unethical behaviour .This addresses the issue when employees have situations in which they face difficulty in making the appropriate ethical decision . Lastly ,if the senior staff in an financial institution is careful in making ethical decision ,chances are that will affect other employees also .To sum up, firms need to ensure that ethical conduct is rewarded, and provide clear and practical guidance on how it can be